While the likes of Elon Musk are celebrating the rise of cryptocurrency, other investors who have been around longer than Tesla and SpaceX CEO sometimes gravely disagree. Charlie Munger, the Vice Chairman of Berkshire Hathaway, famous for being Warren Buffett's right-hand man, gravely disagrees with Bitcoin.
Charlie Munger Bitcoin Quote
Bitcoin News on Twitter quoted the Vice Chairman's thoughts regarding cryptocurrency linking an article to his statements. At the Berkshire Hathaway's regular annual shareholder meeting on Saturday, Charlie Munger gave a comment about Bitcoin in a Q&A session.
The 97-year-old Charlie Munger expressed that he hates the whole bitcoin success, according to News.Bitcoin.com. He also noted that he does not welcome a currency that is "so useful" to "extortionists" and "kidnappers" and "so forth.
Bitcoin News 2021
Munger, mostly known for being Warren Buffet's right-hand man, even added that he also does not like the whole "shuffling out of a few extra billions of dollars" to people that had invented a brand new financial product out of thin air itself. He even said that he should say "modestly" that the whole development is "disgusting and contrary" towards the interest of civilization. He then noted that he will leave criticism to others.
After Munger had expressed his view when it came to bitcoin, Warren Buffett noted that he was "alright on that one." The famous "Oracle of Omaha" reportedly avoided answering a bitcoin question some time earlier which emphasized that he did not actually want to give a comment on cryptocurrency directly.
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Warren Buffet then elaborated that there are probably hundreds of thousands of other people who are watching and already own bitcoin and that they probably have two people who are currently short. He then elaborated that if they have a choice of making either 400,000 people mad at them or unhappy in order to make just two people happy, that would just become a dumb equation.
Munger has publicly been a long time critic of bitcoin and notes that it is just really kind of an "artificial substitute" for something like gold. He notes that he never buys gold and that he would never buy any bitcoin. He then recommends that other people follow his practice, according to a statement he made in February.
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He even quoted Oscar Wilde noting that Bitcoin reminds him of what Wilde said with regards to fox hunting noting that it is the "pursuit of the uneatable by the unspeakable." The vice chairman of Berkshire previously even called bitcoin "rat poison" and even likened ints trading to the likes of "trading turds." Warren Buffet then also called cryptocurrency "rat poison squared."
With the likes of Elon Musk's Tesla, video game producer NEXON, other huge companies investing in cryptocurrency (in the hundred million mark), could the stigma finally change in the future? Cryptocurrency previously caught heat for its anonymity which later on also turned into its asset.
"Of course I hate the #bitcoin success. I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth," said Berkshire Hathaway's Charlie Munger. #cryptocurrency https://t.co/b4apOJgSsW
— Bitcoin.com News (@BTCTN) May 2, 2021
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Written by Urian Buenconsejo
